Top 5 Tech Stocks Which Could Rescue Your Portfolio This Month

The most oversold stocks in the information technology sector presents an opportunity to buy into undervalued companies.

The RSI is a momentum indicator, which compares a stock's strength on days when prices go up to its strength on days when prices go down. When compared to a stock's price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the RSI is below 30.

Here’s the latest list of major oversold players in this sector, having an RSI near or below 30.

InterDigital, Inc. IDCC

• InterDigital posted better-than-expected second-quarter results. "This was another strong quarter for the business where we added to our recent momentum," commented Liren Chen, President and CEO, InterDigital. The company’s stock has a 52-week low of $40.23 .
• RSI Value: 28.60
• IDCC Price Action: Shares of InterDigital fell 0.1% to close at $85.83 on Monday.

Dolby Laboratories, Inc. DLB

• Dolby Laboratories posted downbeat sales for the third quarter. "We continue to transform the way people enjoy their content," said Kevin Yeaman, President and CEO, Dolby Laboratories. "We remain focused on growing Dolby Atmos and Dolby Vision across our movies and TV, music and user-generated content ecosystems." It has a 52-week low of $61.55.
• RSI Value: 26.47
• DLB Price Action: Shares of Dolby Laboratories fell 0.4% to close at $78.94 on Monday.

Littelfuse, Inc. LFUS

• Littelfuse reported worse-than-expected second-quarter financial results. "We delivered solid results in the second quarter driven by our strong operating fundamentals, within an ongoing dynamic environment," said Dave Heinzmann, Littelfuse President and Chief Executive Officer. The company’s stock has a 52-week low of $192.19.
• RSI Value: 28.25
• LFUS Price Action: Shares of Littelfuse rose 0.3% to close at $256.66 on Monday.

Cognex Corporation CGNX

• Cognex reported a second-quarter FY23 revenue decline of 12% to $242.51 million, beating the consensus of $237.76 million. "We delivered second quarter revenue at the top end of our expected range, gross margin in line with our guidance, and favorable operating expenses leading to a strong sequential step-up in operating margin. However, these results are not representative of the business conditions we are experiencing in our markets, which continue to weaken further," commented Robert J. Willett, CEO of Cognex. The company’s 52-week low is $40.21.
• RSI Value: 29.40
• CGNX Price Action: Shares of Cognex rose 1.3% to close at $50.01 on Monday.

Apple Inc. AAPL

• Apple is ramping up its expertise in generative AI as it is in for a hiring spree for multiple roles in California, Seattle, Paris, and Beijing to work on large language models (LLMs) for iPhones and iPads. The company has a 52-week low of $124.17.
• RSI Value: 29.08
• AAPL Price Action: Shares of Apple fell 1.7% to close at $178.85 on Monday.

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